Business
Premier Natalio Wheatley Presents $382.67M 2024 budget – $16M less than last year
Says Territory’s Economy Has Withstood Global Shocks
British Virgin Islands Premier and Finance Minister Natalio Wheatley on Tuesday presented a $382.67 million budget for the 2024 fiscal year, emphasising that the territory’s economy has held up against “global economic shocks and domestic challenges.”
The 2024 budget was unveiled on November 21 in the House of Assembly in Road Town, Tortola, under the theme “Planning, Priorities, and Progress: Building a Sustainable Nation,” with the largest allocations going to health education and pensions, public debt and funds contributions.
It was a slight decrease from last year’s $399 million budget – some sixteen million dollars less for the next financial year.
“Madam Speaker, the Virgin Islands economy fared well, and we will continue to rely on the resilient spirit we have demonstrated in the response to the storms we have weathered. We must strengthen ourselves for the journey because there are tests ahead,” the Premier told the nation during a LIVE broadcast.
Allocations
$95.92 million to the Ministry of Health and Social Development
$74.95 million to the Ministry of Communications and Works
$58.17 million is allocated to Pensions, Public Debt and Funds Contributions
$54.36 million to the Governor’s Group
$53.38 million to the Ministry of Education, Youth Affairs and Sports
$39.52 million to the Ministry of Finance
$23.62 million to the Premier’s Office
$19.16 million to the Ministry of Tourism, Culture and Sustainable Development; $16.11 million to the Constitutionally Established Bodies
$15.1 million for miscellaneous expenditure
$12.55 million to the Ministry of Environment, Natural Resources and Climate Change
$7.91 million to the Ministry of Financial Services, Labour and Trade
A government statement said the Finance Minister “in deciding which projects needed to be accelerated, the Government, together with the team in the Ministry of Finance and other Ministries looked at the impact – whether social or economic – that initiatives would have, and how these aligned with the needs of stakeholders, from ordinary citizens to public and private sector workers, to business person and investors.”
Business
Some Businesses Continue To Insist On Minimum Spending For Credit Card Payment
Several businesses in the British Virgin Islands (BVI) are continuing to flout regulations that prohibit minimum spending requirements for credit card payments.
On January 2, Jahphixtelevision.com visited a gas station and a food establishment in Tortola, both of which were still enforcing a minimum purchase amount for credit card transactions. This comes despite a clear warning from the British Virgin Islands Bank Association (BVIBA) in a December 18 advisory, which stated that such practices violate merchant agreements with financial institutions.
The BVIBA highlighted that imposing minimum spending thresholds or charging additional fees for credit card payments contravenes not only local merchant contracts but also the policies of major payment networks such as Visa and Mastercard.
“We urge all merchants to immediately cease these practices to ensure full compliance with established regulations,” read the BVIBA’s statement issued last month.
This ongoing issue follows rising concerns over the transparency and fairness of payment systems, with both cardholders and industry stakeholders calling for more stringent enforcement of existing regulations.
Business
BVI Bank Association Warns Merchants Against Card Transaction Violations
As the festive season brings increased consumer activity, the British Virgin Islands Bank Association (BVIBA) has issued a stern reminder to merchants across the territory regarding compliance with card transaction policies.
The association warns that imposing minimum spending requirements or charging additional fees for card payments is not only against their merchant agreements but also violates regulations established by major payment networks, VISA and Mastercard.
The advisory, issued on Wednesday, December 18, warns that merchants engaging in these practices are in breach of their contractual obligations with their respective financial institutions. “We request that all merchants immediately cease these practices to ensure compliance,” the statement read.
The BVIBA comprises several prominent financial institutions, including Bank of Asia (BVI) Limited, CIBC Caribbean, FirstBank PR, National Bank of the Virgin Islands, Popular, Republic Bank (BVI) Limited, and VP Bank (BVI) Limited.
For inquiries or guidance on compliance, the BVIBA advises merchants to contact their respective banks promptly.
Business
BVI Financial Investigation Agency and Jersey Financial Services Commission Sign Agreement to Strengthen Cooperation in Tackling Financial Crimes
The Financial Investigation Agency (FIA) of the British Virgin Islands (BVI) has recently strengthened ties with the Jersey Financial Services Commission (JFSC) through a Memorandum of Understanding (MoU) signed on 25 October. The agreement formalises a cooperative framework for consultation and information-sharing between the two regulatory bodies, enhancing their oversight in financial regulation.
The MoU signals a shared commitment by the BVI and Jersey to uphold rigorous financial standards and combat financial crimes. By sharing essential intelligence, the FIA and JFSC aim to bolster efforts to detect, prevent, and investigate crimes such as money laundering, terrorist financing, and proliferation financing.
Errol George, Director of the FIA BVI, expressed the importance of the partnership, stating, “The signing of this MoU establishes a framework for information exchange between the FIA BVI and JFSC, supporting compliance with the laws, regulations, and rules relating to the functions of our Authorities. I am indeed pleased with the progress we are making in the Territory to tackle financial crime.”
Through this agreement, both agencies will, upon request, provide critical information that strengthens regulatory practices across the Designated Non-Financial Businesses and Professions (DNFBP) sector. Shared data will include details on corporate structures, management standards, and organisational quality, all essential for effective supervision.
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